REPORT ON DAVIS-SACRAMENTO AREA BANKING CONNECTIONS TO THE REPUBLIC OF SOUTH AFRICA: Local support of Apartheid

by South Africa Working Group
Davis, California, United States
November 1, 1978
23 pages
Type: Report
Coverage in Africa: South Africa
Coverage outside Africa: United States
Language: English
Contents: EXECUTIVE SUMMARY • PURPOSE • APARTHEID: HISTORY AND FACTS • SOCIAL RESPONSIBILITY • PROCEDURE • SUMMARY • TABLE I: Summary of Responses to 'the South African Working Group Questionnaire • DISCUSSION AND CONCLUSIONS • RECOMMENDATIONS • REFERENCES • APPENDIX A • The report includes WHAT ARE SOME OF THE PRACTICAL EFFECTS OF APARTHEID? HERE ARE THE FACTS!! excerpted from Apartheid in Practice, United Nations Publication OPI/553. The report says the policy of Apartheid, the Africaans word for "separate development" restricts political, social, and economic rights of the majority of the South African population; American business and banking investments directly and indirectly support the economy of South Africa which is based on this unjust, yet legally sanctioned system of rad.al discrimination. The report says as investors in these companies and banks, we gain profits from the oppression of others; in recognition of the ramifications of our economic connections, we have a moral obligation to examine the nature of our investments; this report provides information on banks in the local Davis-Sacramento area relative to the South African issue; we recommend the withdrawal of monies from those banks which have direct connections in South Africa and refuse to alter their investment policy on this issue; with the information given on apartheid and social responsibility, we encourage people to not only withdraw from the listed banks but to also continue to examine and to alter other business connections to the Republic of South Africa. The report says although the United States and the Republic of South Africa are geographically distant, they have maintained a close and financially supportive relationship for the past twenty-five years; of greater alarm, however, is the marked increase of the U.S. role in investment and loans to the Republic of South Africa. The report says the organization which as prepared this report is the South African Working Group, an ecumenical charter group of people who formed together after the 1976 Pacific Southwest Conference on World Christian Mission; our first effort to raise the consciousness of people was an all day conference entitled "South Africa, A Human Dilemma"; it was held in Davis on February 5, 1977 for Sacramento area residents; other major projects have included assisting in the passage of Measure A (a Davis city resolution which calls for divestment of city business connections with South Africa) and organizing church observation of a "Day of Concern for South Africa" in Davis and Sacramento. The report says the original intent of our project was to gain sufficient information from the local banks on their investments in South Africa so as to draft a preferred list of banks for local depositors; however, it soon became apparent that we needed assistance in phrasing of the questions and in questioning the level of investment; with the assistance of John Harrington, consultant to the State Senate Committee on Investment Priorities and Objectives, we drafted a questionnaire (Appendix A). The report says of the twenty-two banks contacted (some received letters at both the Davis and Sacramento offices), we did not receive responses from six banks and only acknowledgments of receipt from two banks; of the remaining fourteen banks, six (Bank of America, Bank of California, Crocker National Bank, Security Pacific, United i3ank of California, and Wells Fargo) admitted to having connections with South Africa. The report discusses U.S. bank investments in Chile, redlining, affirmative action, other areas of social responsibility, citizenship, racism, whites, Africans, trade unions, Prime Minister Vorster, human rights, racial discrimination, investment, international credit, American National Bank, Bank of Alex Brown, California First Bank, Cache Creek Bank, California Canadian Bank, Capitol Bank of Commerce, Central Bank of North America, Farmers Merchant Bank of Central California, First National Bank of Dixon, Golden State Sanwa Bank, Lloyds Bank of California, The Merchants National Bank, River City Bank, Security Pacific National Bank, Union Bank, and Wells Fargo Bank.
Collection: Miloanne Hecathorn papers